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HomeMy WebLinkAbout01-1090PNC BANK, NATIONAL ASSOCIATION Plaintiff MODERN CONCEPTS, 1NC. Defendant : 1N THE COURT OF COMMON PLEAS : CUMBERLAND COLrNTY, PENNSYLVANIA :NO. C~l ~ /0~ o[ : : CONFESSION OF JUDGMENT : CIVIL ACTION - LAW CONFESSION OF JUDGMENT Pursuant to the authority contained in the warrant of attorney, the original or a copy of which is attached to the complaint filed in this action, I appear for the Defendant and confess judgment in favor of the Plaintiff and against Defendant as follows: Principal Other authorized items: Interest to Janua~ 31, 2001 Attorney's Commission $ 29,755.92 $ 311.46 $ 2,907.99 TOTAL $ 31,987.84 Date: Respectfully submitted, SAIDIS, SHUFF, FLOWER & LINDSAY By: K~plr e~n~ e ~do~O~ 5E~0q ~e 2109 Market Street Camp Hill, PA 17011 (717) 737-3405 PNC BANK, NATIONAL ASSOCIATION Plaintiff MODERN CONCEPTS, INC. Defendant : IN THE COURT OF COMMON PLEAS : CUMBERLAND COUNTY, PENNSYLVANIA NO. CONFESSION OF JUDGMENT CIVIL ACTION - LAW COMPLAINT FOR CONFESSION OF JUDGMENT UNDER RULE 2951 1. The name and address of the Plaintiff is PNC Bank, National Association, 4242 Carlisle Pike, Camp Hill, Pennsylvania 17011. 2. The names and last known address of the Defendant is Modem Concepts, Inc., 734 State Street, Lemoyne, Pennsylvania 17043. 3. Defendant executed and delivered to Plaintiff a Promissory Note ("Note"), a tree and correct photostatic reproduction of the original of which is attached hereto as Exhibit "A" and made a part hereof. 4. Defendant is in default of Defendant's obligations to make payment to Plaintiff as required in the Note, and Plaintiff has demanded payment in full of all outstanding amounts as provided in the Note. part hereof. 5. with a consumer credit transaction. A copy of Plaintiffs demand is attached hereto as Exhibit "B" and made a Judgment is not being entered by confession against a natural person in connection There has not been any assignment of the Note. Judgment has not been entered on the Note in any jurisdiction. The amount due to Plaintiff as a result of Defendants' default is as follows: Principal Interest to January 31, 2001 Attorney's Commission TOTAL 9. $28,768.39 $ 311.46 $ 2,9O7.99 $31,987.84 Interest continues to accrue at the default rote provided in the Note. WHEREFORE, Plaintiff demands judgment against Defendant, Modem Concepts, Inc., as authorized by the warrant of attorney contained in the Note for Thirty One Thousand Nine Hundred Eighty-seven and 84/100 ($31,987.84) Dollars, plus interest from and including the date of this Complaint and judgment entered hereon at the default rate provided in the Note, additional legal fees and costs of suit. Respectfully submitted, SA/DIS, SHUFF, FLOWER & LINDSAY 2109 Market Street Camp Hill, PA 17011 (717) 737-3405 PROMISSORY NOTE Principa[ Loan:Date MatUrl~ ~ Loan No Call iCollatera[ i Account I Officer Initials 0~;i999 0~18-2~00 L/6 ii 0°8043734N ~26581 Reterences in the shaded area are for Lender's use only and do not limit the applicability of this document to any 0articular loan or item Borrower: MODERN CONCEPTS, INC (TIN: 251616693) Lender: PNC BANK, NATIONAL ASSOCIATION 7~4 STATE STREET 4242 CARLISLE PIKE LEMOYNE, PA 17043 CAMP HILl., PA 17001-8874 Principal Amount: $30,000.00 initial Rate: 9.000% Date of Note: August 18, 1999 PROMISE TO PAY. MODERN CONCEPTS, INC ("Borrower") promises to pay to PNC BANK, NATIONAL ASSOCIATION ("Lender"), or order, in lawful money of the United States of America, the principal amount of Thirty Thousand & 001100 Dollars ($30,000.00) or so much as may be outstanding, together with interest on the unpaid outstanding principal balance of each advance. Interest shall be calculated from ttle date of each advance until repayment at each advance. PAYMENT. Borrower will pay this loan in accordance with the following payment schedule: Borrower will pay regular monthly payments of accrued interest beginning on the first day of the Billing Cycle after the initial advance, and all subsequent interest payments are due on the same day of each month after that. Borrower will pay this loan in one payment of all outstanding principal plus all accrued interest on the Expiration Date. Borrower may borrow, repay and reborrow hereunder until the Expiration Date, subject to ttle terms and conditions of this Note. The "Expiration Date" shall mean August 18, 2000, or such later date as may be designated by written notice from Lender to Borrower but in no event after the tenth anniversary of the date of this Note. Borrower acknowledges and agrees that in no event will Lender be under any obligation to extend or renew the loan or this Note beyond the initial Expiration Date. In no event shall the aggregate unpaid principal amount of advances under this Note exceed the face amount of this Note. Borrower will pay Lender at Lender's address shown above or at such other place as Lender may designate m writing. Unless otherwise agreed or required by appiicaPle law, payments will be applied first to accrued unpaid interest, then to principal, and any remam~r'g amount to any unpaid collection costs and late charges. VARIABLE INTEREST RATE. The interest rate on this Note is subiect to change from time to time based on changes rn an ~ndependent index which ~s the highest Prime Rate as published rn the "Money Rates" section of The Wall Street Journal (the "Index"). The Index is not necessarily the lowest rate charged by Lender on its loans. If the index becomes unavailable during the term of th~s ',aah, Lender may designate a suostitute index after notice to Borrower. Lender will tell Borrower the current index rate upon Borrower's request. Borrower understands that Lender may make loans based on other rates as well. The interest rate change will not occur more often than each month. The Index for a Billing Cycle ~s determined on the first day of that cycle based on the index for the last day of the preceding calendar month which ~s reported. Interest on this Note is computed on the dasis ota year of 386/365 days, Dy applying the ratio of the annual interest rate on the first day of the Billing Cycle over a year of 366/365 days to obtain a daily periodic rate, multiplied by the average daily balance during the Billing Cycle, multiplied by the number of days in the Billing Cycle. Billing Cycle means the monthly interval ~etween regular periodic statements. The Index currently is 8.000% per annum. The interest rate to be applied to the unpaid principal balance of this Note will be at a rate of 1.000 percentage point over the index, resulting in an initial rate of 9.000% per annum. NOTTCE: Under no circumstances will the interest rate on this Note be more than the maximum rate allowed by applicable law. PREPAYMENT. Borrower may pay without penalty all or a portion of the amount owed earher than it is due. Early bayments will not, unless agreed to by Lender in writing, relieva BorrOwer of Borrower's obligation iD continue to make payments of accrued unpaid interest. Rather, they will reduce the principal balance due. LATE CHARGE. If a ~ayment ~s 15 days or more late, Borrower wdl be charged 5.000% of the unpaid portion of the ragu/arty scheduled paymenl or $100,00, whichever is less. DEFAULT. Borrower will be m default ~f any of the following happens: (a) Borrower fai~s PO make any payment when due. (b) Borrower oreaks any promise Borrower has made to Lender, or Borrower fails to comply with or to perform when due any other term, o~ligat~on, covenant, or condition cantoned in this Note or any agreement rotated to this Note, or ~n any other agreement or loan Borrower has with Lender (c) Any representation or statement made or furnished to Lender by Borrower or on Borrower's behalf is latse or m~sleading in any matenal resoect either now or at the tir~e made or furnished, rd) Borrower becomes ~nsolvent, a receiver is appointed for any part of Borrower's broperty. Borrower makes an assignment tot the benefit of creditors, or any proceeding ~s commenced either by Borrower or against Borrower under any Dankructcy or nso~vancy laws. (e) Any creditor tries to take any of Borrower's prooerty on or m which Lender has & lien or security interest. This includes a garnishment of any of Borrower's accounts w~fh Lender (f) Any guarantor dies or any of the other events described in this default section occurs with respect to any guarantor of this Note (g) A materrai adverse change occurs ~n Borrower's financial condition, or Lender behoves the brospect of payment or performance of the LENDER'S RIGHTS. LJoon default. Lender may. after giving such notices as required by acpJicaOle law, declare the entire unoald OrlncloaJ balance on th~s Note and all accrued ur~paid ~nterest *mmedlately due, and then Borrower wdl Day that amounL Upon defau[L ~ncludlng fadure [0 Day upon final matu'riiy Lender, at its option, may also, if permitted under applicable law, ~ncrease the var~ao~e ~nterest rate on this Note :o B.000 percentage points over the Index The ,nterest rate wdl not exceed the maximum rate permitted by applicable ~aw. Lender may h~re or pay someone else to hetp collect th~s Note ~f Borrower does not Day Borrower also will pay Lender that amount. Th~s includes, subject to any limits under applicable taw, Lender's attorneys fees and Lender's legal exoenses whether or not there is a lawsuit, including attorneys' dens and legal exoenses for bankruotcy proceedings prohlb4ed by applicable law, Borrower also will pay any court costs, ~n addition to all other sums provided Dy law. [f iudgment ,s entered m connection wrth th~s Note, ~nterest wdl continue to accrue On this Note after iudgment at the ~nterest rate aoolicable to [h~s Note at the r~me ~udgment ~s entered. This Note has been delivered to Lender and accepted by Lender in the Commonwealth of Pennsylvania. If there is a lawsuit, Borrower agrees upon Lender's request to submrt to the jurisdiction of ti~e courts of CUMBERLAND County. the Commonwealth of Pennsylvania. Lender and Borrower hereby waive the right to any lury trial in any action, qroceeding, or counterclaim I~rought Dy either Lender or Borrower against the other This Note shall be governed by and construed in accordanc~ with ft~e laws of the Commonwealth of Pennsylvama. LOUder a:! Borrowers ~rght. htle and nterest~n and to, Borrowers accounts with Lender(whether ct~eck~ng, savrdgs. Or some other account} ~ncluding o8-18-1999 PROMISSORY NOTE Page Loan No (Continued) receives from Borrower at Lender's address ~nowh above written notice of revocation of their authority: CHARLES E. BINGMAN, PRESIDENT Borrower may obtain advances from time to time by writing checks in amounts of not less than $100.00 or by using other methods whic~ Lender may permit and may continue to obtain advances unfit this loan is terminated. Lender agrees to pay checks, so long as they do cause the principal balance to exceed the face amount of this Note, which are dated, drawn and issued by Borrower on or prior to the Expiration Date and received by Lender on or prior to the Expiration Date or within five business days after the Expiration Date, except as provided in the next sentence. Lender has no obligation to pay any check dated, drawn or issued by Sorrower or received by Lender durin~ any period when Lender is not obligated to advance funds under this Note. Borrower agrees to be liable for alt sums either: (a) advanced ir accordance with the instructions of an authorized person or (bi credited !o any of Borrower's accounts with Lender. The unpaid pnnc~oat baianc6 owing on this Note at any time may be evidenced by endorsements on this Note or by Lender's internal records, including d&¢y computer print-outs Lender will have no obligation to advance funds under this Note if: (a) Borrower or any guarantor is ~n default under the terms of this Note or am agreement that Borrower or any guarantor has with Lender, including any agreement made ~n connection with the signing of this Note; (b) Borrower any guarantor ceases doing business or ~s insolvent; (c) any guarantor seeks, claims or otheCw~se attempts to limit, modify or revoke suc,q guarantor's guarantee of th~s Note or any other loan with Lender; or (d) Borrower has applied funds provided pursuant to this Note for purposes other t~an those authorized by Lender, FEES. If applicable, at closing. Borrower will pay to Lender a fee in the amount of up to ~vo percent (2%) of the maximum pnnc~pal amount of thil Note. An annual renewa~ fee in the amount of up to two percent (2%) of the maxtmum pnnc~pal amount of this Note may also be charged [f this Note ~! renewed beyond the current Expiration Da~e in Lender's discretion. FINANCIAL INFORMATION PROVISION. Borrower agrees to deliver any financial and other bus,ness information concermng Borrower !nat Lende may request from time to time, SUCh as annual and interim financial statements (all of which sha{I be prepared in accordance with generally accepte¢ accounting principles) and federal tacoma tax returns. YEAR 2000 COMPLIANCE. Borrower ~as reviewed the areas within its business and operations which could Pe adversely affected ~y, and ha: Oeveloped or is devetopmg e program to address on e timely bas~s the risk that certain computer applications used by Borrower may be unable t( recognize and perform properly date-sensitive functions involving dates prior to and after Oecember 31, 1999 (the "Year 2000 Pr0biem") The Yea 2000 Problem will not result, and is not reasonably expected to result, in any material adverse effect on the business, broperties, assets, financ~a condition, results of operations or prospects of Borrower, or the a~itity of Borrower to duly and punctually pay or perform its obligations hereunder an( under the Related Documents. GENERAL PROVISIONS. Lender may de~ay er forgo enforcing any of [ts rights or remedies under ~h~s Note without losing them. Borrower and an other person who s[gns, guarantees or endorses this Note, t0 the extent allowed by law, waive presentment, demand for payment, protest and notice c dishonor. Upon any change in the terms of this Note, and unless otherwise expressly stated in writing, no party who s:gns this Note, whether as maker guarantor, accommodation maker or endorser, shall be released from liability, All such parties agree that Lender may renew or extend (repeatedly for any length of time) this loan, or release any party or guarantor or coilaterah or ~mpair, fail to realize upon or perfect Lender's security interest in th* collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone, All such oarties also agree that Lende may modify this loan without the consent of or notice to anyone other than the party with whom the modification is made. If any portion Of th~s Note i ior any reason determined to be unenforceable, it will not affect the enforceability of any other provisions of t~is Note. CONFESSION OF JUDGMENT. BORROWER HEREBY iRREVOCABLY AUTHORIZES AND EMPOWERS ANY ATTORNEY OR THE PROTHONOTAR' OR CLERK OF ANY COURT iN THE COMMONWEALTH OF PENNSYLVANIA, OR ELSEWHERE. TO APPEAR AT ANY TIME FOR BORROWER AFTE~ A DEFAULT UNDER THiS NOTE, AND WITH OR WITHOUT COMPLAINT FILEO, AS OF ANY TERM, CONFESS OR ENTER JUDGMENT AGAINS' BORROWER FOR THE ENTIRE PRINCIPAL BALANCE OF THiS NOTE, ALL ACCRUED INTEREST. LATE CHARGES. AND ANY AND ALL AMOUNTi EXPENDED OR AOVANCBD BY LENDER RELATING TO ANY COLLATERAL SECURING THIS NOTE TOGETHER WITH INTEREST ON SUC} AMOUNTS, TOGETHER WITH COSTS OF SUIT, AND AN A~'FI'ORNEY'S COMMISSION OF TEN PERCENT (10%) OF THE UNPAID PRINCIPA BALANCE AND ACCRUED INTEREST FOR COLLECTION, BUT [N ANY EVENT NOT LESS THAN FIVE HUNDRED DOLLARS ($500) ON WHIC} JUDGMENT OR JUDGMENTS ONE OR MORE EXECUTIONS MAY ISSUE iMMEDIATELY: AND FOR SO DOING. THIS NOTE OR A COPTM OF THI: NOTE VERIFIED BY AFFIDAVIT SHALL SE SUFFICIENT WARRANT THE AUTHORITY GRANTED iN THIS NOTE TO CONFESS ,JUOGMEN AGAINST SORROWER SHALL NOT SE EXHAUSTED BY ANY EXERCISE OF THAT AUTHORll'v, BUT SHALL CONTINUE FROM TIME TO TIME ANI AT ALL TIMES UNTIL PAYMENT IN FULL OF ALL AMOUNTS DUE UNDER THiS NOTE. BORROWER HEREBY WAIVES ANY RIGHT BORROWEI MAY HAVE TO NOTICE OR TO A HEARING IN CONNECTION WITH ANY SUCH CONFESSION OF JUDGMENT. EXCEPT ANY NOTICE AND/OI HEARING REQUIRED UNDER APPLICABLE LAW WITH RESPECT TO EXECUTION OF THE JUDGMENT, AND STATES THAT EITHER REPRESENTATIVE OF LENDER SPECIFICALLY CALLED THIS CONFESSION OF JUDGMENT PROVISION TO BORROWER'S ATTENTION OI BORROWER HAS BEEN REPRESENTED 8Y INDEPENDENT LEGAL COUNSEL. PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE. INCLUDING THE VARIABL INTEREST RATE PROVISIONS. SORROWER AGREES TO THE TERMS OF THE NOTE AND ACKNOWLEDGES RECEIPT OF A COMPLETE COPY OF THE NOTE. THIS NOTE HAS BEEN SIGNED ANO SEALED SY THE UNDERSIGNED, BORROWER: MODEnN EONCBP , NC_ C~ARLES E.'BIN~MAN, ~RESIDE~ ~ (SEAL) I'IN I_ LAFi IAL 4242 Carlisle Pike Camp Hill, PA 17011 E-mail: eh c. krimme ?,~,~pnc bank.~om Eric D. K~mmel Assistant Vice President (717) 730-2492Tel (717) 730-2373 Fax Certified and Regular Mail January 3,2001 PNC Capital Recovery Corp. Modem Concepts, Inc. Mr, Charles E. Bingraan 734 State Street Lemoyne, PA 17043 Ms. Connie L. Bingman 712 Hilltop Drive New Cumberland, PA 17070 In re: Obligor/Obligation Nos.: 31681754-6016049~7 Dear Modem Concepts, Inc.: Dear Mr. Bingman: Dear Ms. Bingman: As you know, you are obligated to PNC Bank, National Association ("PNC") for a certain loan in the original principal amount of $30,000 (the "Loan"), as evidenced by a certain Promissory Note dated August 18, 1999, and by certain other related loan documents (the "Loan Documents"). As you also know, you are in default under the Loan and Loan Documents for your failure to make payments when due to PNC on the above loan account and two other loan accounts, whereby PNC mede demand for payment in full by letter dated December 11, 2000, which constitute Events of Default under the Loan and Loan Documents. As a result of the above Events of Default, all liabilities a~d obligations under the Loan and Loan Documents have been accelerated and all liabilities and obligations under the Loan and Loan Documents are immediately due and payable to PNC. Additionally, as a result of the defaults PNC exercised its fights ofsetoffwith regards to checking account number 5140230708, and applied the $1,605.79 to the above loan obligation. As of this date the amount due under the Loan and Loan Documents is as follows: Obliaor/Obli~ation Nos.: 31681754-60 1604927 Principal Interest to 01/04/00 Late charges Sub-total Less proceed from setoff Total Due Per Diem $8.56 $29,755.92 605.54 12.72 $30,374.18 1,605~79 $28,768.39 plus satisfactionfeesand costs Modern Concepts, Inc. January 4, 2001 Page 2 In addition, pursuant to the terms of the Loan Documents you are hereby notified that effective this date PNC has exercised its option to increase the interest rate on the Loan to PNC Bank's prime rate plus 6.00%. Please be advised that unless payment in full is immediately delivered to PNC Bank, National Association at 4242 Carlisle Pike, Camp Hill, PA 17011, in the form ora cashiers check or money order, PNC shall take all action it deems appropriate to collect the above sums due and owing, preserve, protect and enforce its rights under the Loan and Loan Documents. Very truly yours, PNC Capital RTery Eric D. Krimmel Assistant Vice President Certified Mail Nos.: Z 231 540 970 Z 231 540 971 Z 231 540 972 cc: Regular Mail Geoffrey S. Shuff, Esquire SENDER: 3. Article Addressed to: 5 :~cei,ved By: (P~'¢nt Name} ~,;' 8 Addreseee's Address ¢Onty if requested 8 3;gn~tur~Xddre~e,or~ent)~ ' / PS-~81 f, Pecember ,994 ~ ,02~-98.8.oz.9 Domes[lc Return Rece~p[ t also wish to receive the following services (for an extra fee): 1, [] Addressee's Address 2. [] F~estricted Delivery Cocsutt pestmaster for fee. I4a. Article Number 4b. Service Type I [] Registered ¢~'Certified [~] Express Mail ~Retum Receidtfor Merchandise [] COD 7 Date sf Delivery SENDER: I 8Jso wieh ~o receive the follow~ng services (for ~n extra fee): 1 [] Addressee's Address ,-~ 2. F~ Restricted Detlvery ~n Consult postmaster for fee E. [] Registered ~.~ Certified ~ ~ Express Mail ~ hlsureq ~ 7 Date of DeliveW /' . .- / 2 .¢ecFived By: f~.¢nt Name~ . 8 Addressee s Address (Omy ff requested PNC BANK, NATIONAL A$.SO{2IATION Plaintiff MODERN CONCEPTS, INC. Defendant IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA NO. CONFESSION OF JUDGMENT CIVIL ACTION - LAW VERIFICATION I, Eric K.dmmel, Assistant Vice President, for PNC Bank, National Association, being authorized to do so on behalf of PNC Bank, National Association, hereby verify that the statements made in the foregoing pleading are true and correct to the best of my information, knowledge and belief. I anderstand that false statements herein are made subject to the penalties of 18 Pa. C.S. Section 4904, relating to unsworn falsification to authorities. PNC BANK, NATIONAL ASSOCIATION Date: //20/DI By: Eric Krimmel Assistant Vice President PNC BANK, NATIONAL ASSOCIATION Plaintiff MODERN CONCEPTS, INC. Defendant : IN THE COURT OF COMMON PLEAS : CUMBERLAND COUNTY, PENNSYLVANIA : : NO. : : CONFESSION OF JUDGMENT : C1VIL ACTION - LAW CERTIFICATE OF ADDRESSES I hereby certify that the precise address of Plaintiff, PNC Bank, National Association., is 4242 Carlisle Pike, Camp Hill, Pemasylvania 17011; and that the last known address of the Defendant is Modem Concepts, Inc., 734 State Street, Lemoyne, Pennsylvania 17043 Date: Respectfully submitted, SA/DIS, SHUFF, FLOWER & LINDSAY By: ~~M.~e~d .~d ~re~ ~u;lr e~ e ~ do~°~ 5E~ 1 ~ 2109 Market Street CampHill, PA 17011 (717) 737-3405 PNC BANK, NATIONAL ASSOCIATION Plaintiff CIIARLES E. BINGMAN AND CONN~ BINOMAN Defendants : IN THE COURT OF COMMON PLEAS : CUMBERLAND COUNTY, PENNSYLVANIA : ao. cbt-- /o70 o[ : L.: CONFESSION OF JUDGMENT : CIVIL ACTION - LAW : NOTICE TO: Modem Concepts, Inc., Defendant Pursuant to Rule 236 of the Supreme Court of Permsylvan/a, you are hereby notified that a JUDGMENT BY CONFESSION has been entered against you in the above proceeding and that enclosed herewith is a copy of all the documents filed in support of the said judgraent. IF YOU HAVE ANY QUESTIONS CONCERNING THIS NOTICE, PLEASE CALL: KARL M. LEDEBOHM, ESQUIRE TELEPHONE NUMBER: (717) 737-3405 Prothonotary PNC BANK, NATIONAL ASSOCIATION Plaintiff MODERN CONCEPTS, 1NC. Defendant : 1N THE COURT OF COMMON PLEAS : CUMBERLAND COUNTY, PENNSYLVANIA CONFESSION OF JUDGMENT : CIVIL ACTION - LAW ENTRY OF APPEARANCE TO THE PROTHONOTARY: Please enter the appearance of the undersigned on behalf of PNC Bank, National Association, PlaintilTin the above captioned matter. Date: Respectfully submitted, SAIDIS, SHUFF, FLOWER & LINDSAY Supreme Court ID #59012 2109 Market Street Camp Hill, PA 17011 (717) 737-3405